April 11, 2017

Usual Questions

USUALLY ASKED QUESTIONS

What is required in order to collect a debt?

Successful debt collection depends on a number of factors, ie the age of the debt; the service you performed;  your authority (be it verbal/written); the financial state of your debtor; whether the debtor is an individual or a corporation – to name but a few. We will assess the information and advise you as to our opinion as to whether the debt is collectable. We really don’t want to waste our time either!

How long does debt recovery take?

 Once we accept the recovery assignment, we move swiftly into action. Our modus operandi is never fully disclosed, but we can tell you that an experienced field agent is consigned the case. Rule of thumb is – a period of 3 weeks of concentrated effort will generally see the recovery of the debt.

Are there any upfront court costs?

We prefer to avoid the courts and, therefore, court costs are never a prerequisite of FIDC. Nor do we seek membership. If  the debtor is reluctant to resolve the matter after 4 weeks of follow-up then we may recommend court action. In such case, we would advise as to the court costs without any commitment or obligation on your part.

What if the debtor disappears?

We can perform skip searches if the debtor disappears. We are members of numerous national databases (not available to the public) that we can lodge an ALERT on the debtor’s name in order to receive information as to their whereabouts. Our own Absconded list is very effective in obtaining the assistance of the public.

Are there fee variances and additional charges?

No! The commission is clearly agreed upfront (per the Submission form). The fee does not vary!  If either company or real estate searches are required we would bring this to your attention early. There are NO HIDDEN FEES OR CHARGES. Our percentage fee applies to whatever is collected.

What if the debtor suggests a payment arrangement?

Payment arrangements are often agreed upon between the debtor and the field agent.  We monitor the payments – receipted to our trust account, and the  funds are disbursed at month-end (less or % fee)  and EFT is made directly to your bank account. A statement and tax invoice is dispatched to you contemporaneously by email.

If I was to proceed to court, in which court would it be heard?

Under $75,000 is heard in the Magistrates Court. There are two types of claims in the Magistrates Court. If under $10k it’s a Minor Case Claim. If $10k (not exceeding $75k) it is a General Procedure Claim. Both are service by summons.

Claims $75,000 to $250,000 are service by writ and are heard in the District Court.

Claims over $250,000 are service by a writ and are heard in the Supreme Court

First International Debt Collection

OBTAIN A QUOTE FOR YOUR DEBT

Licensed bonded debt collection agency. ABN: 38 091 890 570 Member of Institute of Mercantile, Agents Australia Collectors Association, Mercantile Agents Association
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